Welcome to the Fall 2008 issue of Financial Services Quarterly. Please click here to view the issue.
With the economy being, at best, uncertain, many banks are looking for ways to increase income without making new loans or taking on additional risk. To aid our clients with this endeavor, we have included an article in this quarter's newsletter about charging people who serve subpoenas on banks. This article details how much can be charged and the legal authority for doing so.
In addition to the need to increase fees, banks, as always, are trying to avoid any additional liability. To that end, we have also included an article about responding to third party citations to discover assets and the problems that a bank could face if it acted on a citation by accepting service only by facsimile. The article shows the potential disastrous consequences for such actions by the bank.